Banking in Puerto Rico
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Table of contents
- Offshore banking in Puerto Rico – advantages
- List of popular banks in Puerto Rico
- How to open a bank account in Puerto Rico
- FAQ about banks in Puerto Rico
Offshore Banking In Puerto Rico – Advantages
For many US citizens, Puerto Rico is a regular travel destination for their holidays. The exotic scenery, tasty food, and Caribbean culture make Puerto Rico a popular tourist destination. But in the financial world, Puerto Rico is not only a homeland for the piña colada but also an important banking jurisdiction ready to offer a range of financial services.
Few may also know that Puerto Rico is a commonwealth territory governed by the US. So even though the island participates in various international competitions as a separate country, it is not independent. At the same time, the island benefits from a list of tax incentives, which are not available to the US mainland.
You may wonder what the reason is why offshore banks in Puerto Rico are so popular with international businesses. Well, it would be fair to say there is a magical mix of features that drives businesses to open an account there.
Confidentiality and asset protection
Following the introduction of the Automatic Exchange of Financial Information (OECD/CRS) standard, confidentiality is no longer a second name in banking services. As practice shows, international banks are increasingly unwilling to risk their banking licence to protect the privacy of their clients.
However, banks in Puerto Rico remain an exception today, as Puerto Rico is not part of any automatic exchange agreement so far. Consequently, the financial information of account holders remains within a banking institution, which ensures asset protection.
Developed infrastructure
Due to its geographical proximity to the US, Puerto Rico has a well-developed civil infrastructure. Transport, social services, healthcare and education are of high quality. In addition, the primary language of communication remains English. Thus, Puerto Rico as an offshore banking jurisdiction can easily accommodate clients from various jurisdictions worldwide.
Stable banking system
Puerto Rico remains a stable offshore banking jurisdiction, particularly as its official currency is the US dollar. A number of well-known US banks have settled on the island, attracting more and more international clients. Puerto Rico has also not experienced a major political crisis in recent decades, which has contributed positively to the overall reliability of the local banking system.
Appealing tax incentives
The banking sector has long established itself in Puerto Rico because the local government introduced favourable tax treatment. In particular, low income tax rates for services, including banking services, became one of the most significant advantages. International banks consequently rushed to establish their representative offices or headquarters there.
Moreover, the process of obtaining a banking licence in Puerto Rico is not overly complicated. As a result, offshore banking in Puerto Rico is today competing with reputable Caribbean financial centres such as the Cayman Islands.
Digitalization of offshore banking
Banks in Puerto Rico strive to regularly upgrade their services. As a result, the internal banking infrastructure, including online banking, is very well developed. Puerto Rico’s banking system is also actively developing digital banking – for example, remote account opening and a fully online banking licence are among the island’s key advantages.
Island Paradise
Opening an offshore account is not the sole reason why millions of people visit Puerto Rico annually. In fact, the island is an excellent place to live. Relatively low prices, beautiful natural surroundings and tasty local cuisine – and this is hardly a complete list of the island’s advantages.
Banks and Fees
Bank
Currencies
Minimum Initial Deposit
Minimum Monthly Balance
Prohibited jurisdictions
US citizens restrictions
Personal Visit
Online Banking
Card
Time to Open
Book Service
Medici Bank was established in 2016 and has already gained a reputation as a solid financial institution providing its banking services to clients all over the globe. It is one of the offshore banks in Puerto Rico, delivering its services daily to clients hailing from nearly 100 jurisdictions (except the US).
The bank makes it possible to open a bank account in a very straightforward manner, as the entire process can be completed remotely. Medici Bank is by far one of the best institutions offering reliable online banking in Puerto Rico. Currently, the bank opens a bank account only in USD, however, from the beginning of next year, Medici Bank will be able to provide multicurrency accounts for their clients.
- USD
USD 10,000.00
USD 2,500.00
Sanctioned countries and OFAC list
Not available for the US citizens
Not available at the moment
2-3 weeks after the required documents received
EUR 950
Bank
Currencies
Minimum Initial Deposit
Minimum Monthly Balance
Prohibited jurisdictions
US citizens restrictions
Personal Visit
Online Banking
Card
Time to Open
Book Service
Medici Bank was established in 2016 and has already gained a reputation as a solid financial institution providing its banking services to clients all over the globe. It is one of the offshore banks in Puerto Rico, delivering its services daily to clients hailing from nearly 100 jurisdictions (except the US).
The bank makes it possible to open a bank account in a very straightforward manner, as the entire process can be completed remotely. Medici Bank is by far one of the best institutions offering reliable online banking in Puerto Rico. Currently, the bank opens a bank account only in USD, however, from the beginning of next year, Medici Bank will be able to provide multicurrency accounts for their clients.
- USD
USD 50,000.00
N/A
Sanctioned countries and OFAC list
Not available for the US citizens
Not available at the moment
2-3 weeks after the required documents received
EUR 950
How to Open a Bank Account In Puerto Rico?
Meet our team
Astra Trust will be happy to open an account for you. Simply fill in our contact form. We have an extensive network of contacts, making the whole process run smoothly. Please note that Astra Trust only cooperates with reliable banks in Puerto Rico.
If you are interested in opening an offshore bank account in other jurisdictions (EEA/Hong Kong/Belize/Nevis/UAE and others), please don’t hesitate to contact us.
We help you collect all necessary documents
We know that to open an account is not an easy task. In practice, international banks can ask for as many documents as possible to meet the requirements of the “Know Your Client” compliance process. Even though Puerto Rico’s banking regulations are not as strict as in other countries, collecting documents is usually time-consuming and challenging.
Astra Trust’s extensive expertise allows us to predict well in advance what documents a bank may request. We are not only your first point of contact with popular banks in Puerto Rico. Our services also include: (1) filling in all required application forms and questionnaires on your behalf; (2) direct communication with a bank’s manager; (3) drafting additional documents (if requested by a bank); (4) 24/7 online support for our clients in all matters related to opening an offshore account.
In order to open a Puerto Rico bank account, you will need the following documents:
Corporate Bank Account
- Statutory documents (Certificate of Incorporation, Memorandum & Articles of Association)
- Certificate of Incumbency and Certificate of Good Standing
- Register of directors and shareholders, Share Certificate
Individual Bank Account
- Passport
- Copy of utility bill (for the last 3 months) in the name of an account holder
- Financial/professional reference on the name of an account holder
Additional documentation, if requested (e.g. latest audited financial statements, information regarding the source of funds, business plan, board resolution to open an account in PR etc.)
The Astra Trust team will draft and fill in all the documents required for opening a bank account.
Evaluation of documents
Puerto Rico’s banking laws oblige banks to thoroughly evaluate obtained documents. In this regard, the overall process to open an account at Puerto Rico banks can take up to 3 weeks. However, the advantage of banks in Puerto Rico is that they allow remote account opening. That’s why prospective account holders do not need to visit a bank in person to submit their documents.
Using your account
After receipt of the bank’s approval, you will receive all the information regarding your new Puerto Rico bank account.
Need More Help to Open a Bank Account in Puerto Rico?
Leave your request to get more information from our team.
Frequently Asked Questions
Can I open an anonymous bank account in Puerto Rico?
Anonymity is no longer possible due to heightened compliance requirements, particularly the well-known “KYC” protocol (i.e., “Know Your Client”). At the same time, banks in Puerto Rico take client confidentiality very seriously. Since the banking system in Puerto Rico does not participate in CRS, account holders can be confident that their data won’t be shared with third parties.
How much does it cost to open an account in Puerto Rico?
By far, the most popular question after “How to open a bank account in Puerto Rico?” is probably “How much should I pay for it?” Astra Trust is ready to assist you in opening a bank account with international banks in Puerto Rico. Our services include all paperwork, including drafting of documents, communication with the banks and full guidance through the entire process of opening an account.
Please note that depending on the chosen bank, monthly maintenance fees and requirements for the initial deposit or a minimum monthly deposit may differ. Contact us now, and we will advise you on all applicable banking fees.
Is it safe to deposit money with offshore banks in Puerto Rico?
The first and most important thing to know about Puerto Rico is that the banks in Puerto Rico are part of the US banking system. Puerto Rico’s banking regulator (Office of the Commissioner of Financial Institutions) supervises and regulates the island’s financial sector along with exercising prudential oversight.
And last but not least, Astra Trust only cooperates with reputable and reliable banks of Puerto Rico with a long history, good track record and thousands of satisfied clients.
Is offshore banking in Puerto Rico the right choice for my business?
There is no straightforward answer to this question. It all depends on the geography of your business, the clients you work with, as well as the nature of the business itself. Offshore banking in Puerto Rico is not a universal solution for all types of businesses. Contact Astra Trust now and get free advice on the most suitable jurisdiction for your business to open an account.
Who is eligible for offshore banking in Puerto Rico?
The opportunity to obtain a Puerto Rico bank account is open to all non-residents. Foreigners and foreign companies incorporated in jurisdictions other than Puerto Rico can enjoy the benefits of the local banking system.
Banks in Puerto Rico welcome online gambling, betting and dating businesses that may struggle to open an account in other jurisdictions.
Puerto Rico’s banking system is in the process of rapid expansion. Consequently, banks in Puerto Rico are actively seeking to attract foreign capital into their banking ecosystems.
Can non-residents open a bank account in Puerto Rico?
Yes, non-residents can open a bank account in Puerto Rico; however, they may face additional requirements, such as providing a tax identification number from their home country and possibly a reference from their local bank.
Do I need to be a citizen of the United States to open a bank account in Puerto Rico?
No, you do not need to be a U.S. citizen to open a bank account in Puerto Rico. However, you will need to provide proper identification and tax information.
Is there a minimum deposit required for a Puerto Rico account opening?
Most banks in Puerto Rico require a minimum deposit to open an account, which can vary depending on the type of account. It is advisable to check with the specific bank for their policies.
